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MSE News: House prices continue to rise, says Nationwide

Former_MSE_Helen
Former_MSE_Helen Former MSE Posts: 2,382 Forumite
in House buying, renting & selling
"House prices have recorded their largest year-on-year increase in 18 months, says Nationwide..."
Read the full story:

House prices continue to rise, says Nationwide

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Comments

  • thelawnet
    thelawnet Forumite Posts: 2,548
    Part of the Furniture 1,000 Posts Combo Breaker
    Forumite
    A 1.1% increase is a real-terms fall in house prices.

    Prices have genuinely increased in certain areas of course. It's not a national picture.
  • Igotothefootofourstairs
    Igotothefootofourstairs Forumite Posts: 24 Forumite
    Yes apparently they're going to soar by 30% in 2 years experts have said quote from the Daily Express



    So at 15% per year my place will be worth in 15 years (value today £300,000) ......£2,441,118

    Not bad considering what I paid for it.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Forumite Posts: 28,592
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    thelawnet wrote: »
    A 1.1% increase is a real-terms fall in house prices..

    So what you're saying is that house prices rose, AND the price of everything else rose by a bit more.

    Perhaps we need a new name for "real terms falls".....
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • martinsurrey
    martinsurrey Forumite Posts: 3,368 Forumite
    HAMISH_MCTAVISH wrote: »
    So what you're saying is that house prices rose, AND the price of everything else rose by a bit more.

    Perhaps we need a new name for "real terms falls".....

    No, he is exactly right on the definition of real prices, being prices of one thing relative to everything else.

    The article is talking about nominal prices, which are prices in pounds shillings and pence.

    As incomes rose by more than 1.1% affordability is up.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Forumite Posts: 28,592
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    martinsurrey wrote: »
    As incomes rose by more than 1.1% affordability is up.

    Indeed.

    And as mortgage rates are low, affordability has almost never been better.

    Shame mortgage rationing is excluding so many people from being able to take advantage.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • cepheus
    cepheus Posts: 20,053 Forumite
    Look at the figure titled 'long term real house price trend' on the last page of Nationwides May release.
  • Redyam
    Redyam Forumite Posts: 9 Forumite
    Igotothefootofourstairs wrote: »
    Yes apparently they're going to soar by 30% in 2 years experts have said quote from the Daily Express



    So at 15% per year my place will be worth in 15 years (value today £300,000) ......£2,441,118

    Not bad considering what I paid for it.

    I think you can safely ignore any quote from the Daily Express.
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